What Is Voluntary Repossession? Everything You Need To Know About Voluntary Repossession Of a Car
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Happens If You Voluntarily Repo Your Car?
How Does Voluntary Car Repossession Work?
Voluntary Repo vs Involuntary Repo
The Cost Associated With Voluntary Repossession of a Car
Deficiencies
Late Fees
Bankruptcy
Does Voluntary Repo Affect Your Credit?
How to Avoid a Voluntary Car Repossession
Refinance Your Loan
Sell The Car
Communicate With Your Lender
Reinstate the Loan
The Takeaway
About the Author
Kevin Brouillard is a Returned Peace Corps Volunteer, educator, and personal finance writer. His work has appeared in online publications such as Earth Island Journal, Jetsetter, Oyster.com, and Tripsavvy. Kevin covers an array of financial topics for SoFi, including loans for students and small businesses.
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